Nike withdraws from NFTs: RTFKT sales confirm the collapse of the digital collectibles industry

Transformation of Nike’s Strategy Despite Growing Interest in Digital Experiences

In December 2024, Nike decided to sell RTFKT, its business unit specializing in blockchain products and NFTs. The transaction finalized on December 16th marks a symbolic end to the sports giant’s experiment with digital collectibles. Although Nike has not disclosed details of the sale or the identity of the buyer, this move clearly indicates a retreat from its previously declared vision of digital transformation.

NFT Sector Crisis Reflected in Corporate Decisions

Nike’s decision is not an isolated case. Despite the rhetoric from companies emphasizing NFTs and the metaverse, the sector has been experiencing a systematic decline from its peak values in 2021. The X2Y2 trading platform recently announced its shutdown due to a drastic drop in transaction volume. Similarly, NFT Paris, a conference that once attracted top industry players, is skipping the 2026 event.

From Euphoria to Collapse: The RTFKT Story

Nike acquired RTFKT at the end of 2021, during the height of the NFT and digital asset craze. At that time, the experiment seemed like a natural step toward innovative sales channels. RTFKT quickly gained popularity through collaborations with artists and the issuance of virtual sneakers, which sometimes sold for thousands of dollars.

The situation changed dramatically at the end of 2024 when Nike announced the closure of the entire line. The decision triggered a tsunami of negative investor reactions. In April 2025, a class-action lawsuit was filed in Brooklyn, with participants demanding damages exceeding $5 million for losses incurred from the sale of digital assets.

Reorientation Under New Leadership

The sale of RTFKT coincides with changes at the top of Nike. Since Elliott Hill took over in 2024, the new leadership has been pushing for a return to the traditional sports segment and strengthening retail channels. This strategy stands in stark contrast to the ambitions of the previous management, which saw the future in virtual experiences and decentralized platforms.

Despite Nike’s assurances of continued interest in digital and virtual products through collaborations with the gaming industry, actual business decisions tell a completely different story. The withdrawal from RTFKT confirms that industry enthusiasm for NFTs proved to be temporary, and real value lies in traditional business models.